The assets and liabilities of a business were 300,000 and 80,000, respectively, at the commencement of an
Question:
The assets and liabilities of a business were £300,000 and £80,000, respectively, at the commencement of an accounting period and £390,000 and £50,000, respectively, a year later. During the year the owner of the business introduced £50,000 as additional capital.
Required:
What is the income for the year?
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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